In general, the invention relates to identifying risks associated with nanomaterials. In particular, the invention relates to systems and methods for quantitatively characterizing risk associated with nanomaterials for the purpose of underwriting insurance policies.
Nanotechnology is the use of molecules and structures with at least one dimension roughly between 1 and 100 nanometers. Such structures and particles are referred to herein as “nanoparticles”. Nanomaterials include products that include nanoparticles as well nanoparticles, themselves. A nanometer is one billionth of a meter, and a human hair measures approximately 50,000 nanometers across. Nanotechnology is the application of these nanostructures into useful nanoscale devices.
Nanotechnologies have been hailed by many as the next industrial revolution, likely to change everything from the cars we drive to the clothes we wear to the medical treatments our doctors can offer. Despite their small size, nanotechnologies offer tremendous benefits. From new cancer therapies to pollution-eating compounds, from more durable consumer products to detectors for biohazards like anthrax, nanotechnologies are changing the way people think about the future.
Examples of current nanotechnology projects cover agriculture, food, health, semiconductors, textiles and energy sectors. Developments include targeted drug delivery, nano-sensors in packaging to monitor content, stain and wrinkle resistant cloth, micro-batteries and ultra-capacitors. Already established uses include self-cleaning glass, protective coatings on sunglasses, sunscreens and cosmetics. Government reports predict that nanotechnology markets are estimated to reach a value of trillions of dollars within the decade.
However, the health and environmental risks posed by nanomaterials or more particularly, free nanoparticles are still not clearly understood. Although most nanomaterials are generally well integrated into final consumer or business products and thus can do relatively little damage, released nanoparticles, which can for instance appear during production, over the product life cycle or during end-of-life disposal, or during remanufacturing or recycling, could be a problem. For example, there is a risk that they could be inhaled or ingested or migrate in through the skin and then cause damage.
There is a gap between the scope for innovating new uses for nanomaterials and the corresponding understanding of the consequent risks to humans and the environment. Additionally, the impact of an exposure to humans may not be directly evident until many years later, leading to similar problems as were experienced with asbestos and benzene (an aromatic component of gasoline which has been found to cause cancer).
By identifying and understanding these risks, insurance companies can offer competent risk management support to their clients who are active in this sector. Thus, a need exists in the art for a system to identify and evaluate the risk posed by nanomaterials.